The Texas Stock Exchange secured its first primary listings on Tuesday, marking a new milestone in the fledgling bourse’s effort to challenge New York’s dominant exchanges, Reuters reported on Tuesday.
Financial services company Texas Capital Bancshares said two of its exchange-traded funds would shift their primary trading venue to TXSE starting September 16, subject to regulatory approval. The funds are currently traded on NYSE Arca, which is part of the New York Stock Exchange group.
This move is an early test of TXSE’s goal of establishing a new venue for companies and investment products beyond New York’s traditional financial centres.
TXSE has already gained secondary listings from several companies. Still, a primary listing designates it as the ETFs’ principal venue and gives the exchange a larger role in their trading activity.
Texas Capital said the funds’ ticker symbols and investment strategies would remain unchanged.
TXSE’s investors include BlackRock, Citadel Securities and Charles Schwab.
The exchange began full trading operations in July and has said it plans to start accepting initial public offerings next year.
(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)
